23 July 2012 23:55 [Source: ICIS news]
HOUSTON (ICIS)--Celanese’s second quarter earnings rose 3% year on year while sales declined 4% because of lower pricing in its acetyls intermediate division and unfavourable currency valuations, the US-based company said on Monday.
Net earnings totalled $210m (€174m), compared with $203m in the same quarter a year earlier, according to the company’s earnings release.
Celanese’s new chief executive, Mark Rohr, said it was the second highest quarterly earnings report in company history. Rohr did not give the date of the highest quarterly earnings.
Net sales totalled $1.675bn, compared with $1.753bn in the same period of 2011.
The company said margins expanded in its industrial specialties and consumer specialities businesses in the period, but not enough to offset lower margins in its acetyls intermediates business due to temporarily elevated margins last year.
The current weakened economic environment in Europe and slower growth in Asia also contributed to lower sales, Celanese said.
($1 = €0.83)
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